Stanford University Just Went Tuition-Free for Some Students—Do You Qualify?

American colleges are often acclaimed for their academic excellence, but praises are typically followed up with surprise and disapproval at the heavy price tag that comes with it. Costs for a top-tier education can reach up to $60,000—and that's per year. Pricey school tuition is not a new topic of conversation, but one that has yet to be addressed in a manner that will actually benefit future students—until now.

Stanford University recently announced that all four years will be tuition-free for families earning less than $125,000 per year. And households with an income less than $65,000 won't be required to pay the usual room and board costs, either. The new arrangement is actually an expansion of the Californian school's financial aid policy, which had previously cut off at families who made less than $100,000 a year.

This is a big deal. But while it's obviously an exciting win in the pursuit of education for all, don't expect most universities to follow example just yet. In theory, every scholastic institution would benefit from accepting students of all socioeconomic backgrounds cost-free, but in practice it's just not realistic. Stanford has an endowment of $21 billion, making it one of the world's richest universities. The majority of colleges just can't boast that kind of money and simply don't have the funds to hand out free rides. Regardless, this is still a positive step forward in raising awareness of the high price of a college degree. The American dream is all about equal access to education, and Stanford just took the lead in helping make that a reality.